It is true that the number of single family homes available in the GLVAR MLS system is up from where it was last month.  However, it is also true that it is the 4th straight month of 3000+ actual closed sales.  We also have over 2000 “pending” (contract is signed, contingencies removed, just waiting for close of escrow) and an additional 3200 “contingent”.  There are lots of things that “contingent” can mean, ranging from “waiting for short sale approval” to “inspecting HOA documents” to “oops, forgot to change it to pending!” Some contingencies are easier to overcome than others. Nevertheless, most of these homes will close within 30-60 days.

Why then is the number of available homes up?  I think there are several factors at play, including more foreclosures, more people trying to work out a short sale with their mortgage holder, and private sellers returning their homes to the market because they are encouraged by the number of homes actually selling.